(The following was released by the rating agency)
Link to Fitch Ratings' Report: National RMBS Trust 2012-2 here
SYDNEY, December 13 (Fitch) Fitch Ratings has assigned
National RMBS Trust 2012-2 mortgage-backed floating-rate notes
final ratings as follows:
AUD800m Class A1 notes: 'AAAsf'; Outlook Stable
GBP85m Class A2 notes: 'AAAsf'; Outlook Stable
AUD50m Class B notes: not rated
AUD20m Class C notes: not rated
The final ratings are contingent on the receipt of final
documents conforming to information already received.
The notes are issued by Perpetual Trustees Victoria Limited
in its capacity as trustee of National RMBS Trust 2012-2.
"The transaction includes a soft bullet note class A2 with a
scheduled maturity date at three years after closing. The note
will either be redeemed by issuance of pass-through Class A2-R
notes or converted to pass-through Class A2 notes," said Anthea
Clark, Associate Director in Fitch's Structured Finance team.
At the pool cut-off date, the total collateral pool
consisted of 4,517 residential loans originated by National
Australia Bank's Advantedge distribution channel. Fitch's
calculated weighted average current loan-to-value ratio is 62.9%
and the weighted average loan seasoning is 26.2 months. The pool
comprises 100% full documentation loans. Investment loans make
up 10.1 % of the pool and owner occupier loans account for the
remainder. Of the pool, interest-only loans represent 29.4%. The
agency has incorporated all the above-mentioned factors into its
credit analysis of the transaction.
The ratings assigned to the class A1 and A2 notes are based
on the quality of the collateral; the 7% credit enhancement
provided by the subordinate class B and C notes; excess spread;
and a liquidity reserve account sized at 1.9% of the aggregate
amount of the notes at closing.
The ratings also reflect mortgage insurance policies
provided by QBE Lenders' Mortgage Insurance Limited
('AA-'/Stable) and Genworth Financial Mortgage Insurance Pty
Limited; the interest rate swap arrangements in place; and
Advantedge Financial Services Pty Ltd's mortgage underwriting
and servicing capabilities.
The new issue report is available on www.fitchratings.com or
by clicking on the link above.
Included in a corresponding new issue appendix, entitled
"National RMBS Trust 2012-2", is a description of the
representations, warranties and enforcement mechanisms,
published today, also available on www.fitchratings.com.